Finarkein Analytics Secures $4.75 Million in Pre-Series A Funding from Nexus Venture Partners

Finarkein Analytics Secures $4.75 Million in Pre-Series A Funding from Nexus Venture Partners and Others

Introduction: A New Milestone for Finarkein Analytics

Finarkein Analytics, a rapidly growing Pune-based data analytics firm, recently raised $4.75 million in a pre-series A funding round led by Nexus Venture Partners, with participation from existing investors like IIFL Fintech Fund and Eximius Ventures. Other notable contributors to this funding round include angel investors like Nitin Gupta, co-founder of Uni, and Chirag Jain, co-founder of Ashika Group. This significant financial injection marks a major milestone in Finarkein’s journey, which began in 2019. With these funds, the company aims to accelerate its product development and expand its presence across various markets.

This article dives into Finarkein’s strategic journey, the key factors behind its success, the investors who are backing its mission, and the broader implications of its technology on India’s growing digital public infrastructure (DPI). In addition, a comprehensive FAQ section addresses common questions about Finarkein and its role in revolutionizing data orchestration in the fintech space. 

Finarkein Analytics: Bridging Data and Innovation

Finarkein Analytics was founded in 2019 by Nikhil Kurhe and his team with a bold vision: to create cutting-edge data and workflow orchestration platforms that seamlessly integrate with India’s emerging digital public infrastructure. The company focuses on providing B2B solutions that enable enterprises to harness the potential of data through innovative products that can be co-created on India’s evolving digital frameworks like the Account Aggregator (AA) ecosystem, Open Network for Digital Commerce (ONDC) Financial Services, and the Open Credit Enablement Network (OCEN).

 What is Digital Public Infrastructure (DPI)?

India’s DPI, spearheaded by the government, aims to democratize access to digital services, creating a robust ecosystem that enables seamless digital transactions, secure data sharing, and better financial inclusion. Finarkein has positioned itself as a critical player in this ecosystem by offering tools that allow enterprises to efficiently publish and consume data on these platforms. The company’s solutions have been instrumental in making data access more transparent, secure, and consumer-centric.

By building tools that facilitate secure consent-based data sharing, Finarkein has become a key enabler for enterprises looking to integrate with India’s DPIs. Over the past 18 months, its platform has supported over 50 enterprises in accessing data and workflows from licensed NBFC-AAs (Non-Banking Financial Company – Account Aggregators), enabling more than 40 million Indians to securely share their financial data.

 Key Features of Finarkein’s Platform

1. Data Orchestration: Finarkein offers a platform that organizes and streamlines data, making it easily accessible for enterprises. It integrates with DPIs to help businesses access, analyze, and make data-driven decisions.

2. Workflow Automation: The platform automates complex workflows, enhancing efficiency for enterprises. This allows businesses to focus on innovation while Finarkein handles the complexities of data orchestration.

3. Consent-Based Data Sharing: One of the most significant features of Finarkein’s platform is its ability to facilitate secure data sharing through the AA ecosystem. The platform leverages India’s consent-based framework, ensuring that end users have full control over their data.

4. Scalability: Built to scale, Finarkein’s platform can support small startups and large enterprises alike, with the ability to handle millions of data points and transactions seamlessly.

A Closer Look at the Investors Behind the Funding Round

Nexus Venture Partners 

Nexus Venture Partners, one of India’s leading venture capital firms, has played a pivotal role in this funding round. Known for backing early-stage startups that drive digital transformation, Nexus Venture Partners has a track record of identifying game-changing companies in the tech and fintech sectors.

Anand Datta, a partner at Nexus Venture Partners, has closely followed Finarkein’s journey from its early days. Reflecting on the company’s progress, Datta remarked, “I have been following the account aggregator space fairly early and came across Nikhil and team Finarkein as winners of the AA hackathon back in 2020. They have only since doubled down on the space, and we have seen Finarkein single-handedly scale this vertical and build a new category from the ground up.”

 IIFL Fintech Fund and Eximius Ventures 

IIFL Fintech Fund and Eximius Ventures were both existing investors in Finarkein and have continued to support the company’s growth in this latest funding round. IIFL, known for its focus on promoting innovation in the fintech space, had previously co-led a seed round with Finarkein, helping the company solidify its position as a leader in the account aggregator ecosystem.

Both investors have expressed confidence in Finarkein’s ability to revolutionize data orchestration in India and are excited to see the company grow beyond its initial success.

 Angel Investors: Nitin Gupta and Chirag Jain 

This funding round also saw contributions from prominent angel investors like Nitin Gupta of Uni and Chirag Jain of Ashika Group. Their involvement underscores the widespread confidence that Finarkein has garnered from key figures in India’s fintech space. Gupta and Jain’s insights and networks are expected to add significant strategic value as Finarkein moves into its next phase of growth. 

What Will the Funding Be Used For?

According to Finarkein’s co-founder and CEO, Nikhil Kurhe, the $4.75 million raised in this pre-series A round will be used primarily for product development and expanding the company’s market presence. As India continues to build its digital public infrastructure, Finarkein’s solutions will become even more critical for enterprises seeking to integrate with new systems and processes.

Kurhe highlighted how Finarkein’s products are positioned to support the acceleration of India’s digital transformation. “India’s approach to digital infrastructure has been unique wherein a lot of value is directly passed onto end consumers. DPIs like the account aggregator are only accelerating this, and at Finarkein we’re glad to be a part of this movement from day zero and scale it further. Finarkein’s trusted data products will play a significant role in unleashing the potential of DPIs in India and beyond,” he explained.

The Impact of the Account Aggregator Ecosystem

A significant part of Finarkein’s growth has been tied to the account aggregator ecosystem, which was conceptualized by the Reserve Bank of India (RBI) to democratize access to financial data. The AA ecosystem allows individuals and businesses to securely share their financial data with regulated entities, fostering a more open and inclusive financial system.

Finarkein’s platform leverages the AA framework to provide businesses with secure, consent-based access to financial data, enabling them to offer personalized products and services to consumers. This model is expected to dramatically transform India’s financial landscape, making it easier for banks, fintech companies, and other enterprises to provide tailored solutions that meet the unique needs of their customers.

Finarkein’s Vision for the Future

With this latest round of funding, Finarkein is poised to continue expanding its role as a leading data orchestration platform in India. The company’s next steps involve scaling its product offerings, entering new markets, and continuing to innovate in the areas of digital public infrastructure and consent-based data sharing.

The company’s focus on India’s rapidly growing DPI will be a key factor in its success going forward. As more enterprises look to integrate with systems like the AA ecosystem, ONDC, and OCEN, Finarkein will be there to provide the tools and platforms needed to make those integrations seamless and secure.

 FAQs

1. What is Finarkein Analytics?

Finarkein Analytics is a Pune-based B2B data and workflow orchestration platform founded in 2019. The company provides innovative solutions that allow enterprises to co-create data products on India’s digital public infrastructure, including the account aggregator (AA) ecosystem, Open Network for Digital Commerce (ONDC), and Open Credit Enablement Network (OCEN).

2. What does Finarkein’s platform offer?

Finarkein’s platform enables businesses to streamline data orchestration, automate workflows, and securely share data through India’s consent-based frameworks. It allows enterprises to access and analyze data from digital public infrastructure and facilitates secure data sharing between consumers and licensed NBFC-AAs.

3. Who are the key investors in Finarkein Analytics?

The recent $4.75 million funding round was led by Nexus Venture Partners, with participation from IIFL Fintech Fund, Eximius Ventures, and angel investors Nitin Gupta and Chirag Jain.

4. What is the account aggregator (AA) ecosystem?

The account aggregator ecosystem, launched by the Reserve Bank of India, allows individuals and businesses to securely share their financial data with regulated entities. The system aims to democratize access to financial data, making it easier for businesses to provide personalized financial services.

5. How does Finarkein leverage the AA ecosystem?

Finarkein provides enterprises with the tools they need to securely access and share data through the AA ecosystem. Its platform is designed to facilitate consent-based data sharing, ensuring that consumers have full control over their data while businesses can access the insights they need to provide tailored products and services.

6. How will Finarkein use the new funds?

The $4.75 million raised in the pre-series A round will be used for product development and expansion. Finarkein plans to scale its platform offerings and enter new markets while continuing to innovate in the area of digital public infrastructure. 

7. What role does Finarkein play in India’s digital public infrastructure (DPI)?

Finarkein’s platform is a critical enabler for businesses looking to integrate with India’s digital public infrastructure. The company’s data and workflow orchestration tools help enterprises access and analyze data from systems like the AA ecosystem, ONDC, and OCEN, driving digital transformation across sectors.

8. What industries benefit from Finarkein’s platform?

Finarkein’s platform is particularly valuable for fintech companies, banks, and other financial services providers. However, its data orchestration and workflow automation solutions can be used across a range of industries, including e-commerce, healthcare, and telecommunications.

9. What are the next steps for Finarkein?

With the recent funding, Finarkein plans to expand its market presence, continue product development, and further integrate with India’s digital public infrastructure. The company will also explore new opportunities for scaling its solutions in other markets.